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Ethereum: Rebound from this level can help bears retest $1,684

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Over the last two days, Ethereum [ETH] recouped its bullish forces after witnessing a morning star candlestick setup from its 200 EMA (green).

The string of subsequent green candlesticks has aided the alt to close above the Point of Control (POC, red).The recovery efforts deployed by the buyers have helped ETH test the seven-week trendline resistance (white, dashed) in the four-hour timeframe.Should this resistance stand sturdy, it could pose some recovery hurdles in the progression phase before a likely revival.

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